AIG has formed new Luxembourg and UK subsidiaries

The US insurance firm AIG said it has officially created two new units, one in Luxembourg and one in the UK, “to ensure little disruption to the company’s insurance coverage in Europe when Britain exits the European Union,” reported Reuters. It will transfer all of its existing European business into the two operations, the news agency wrote. The pair will start issuing policies on 1 December.

Brexit talks stuck on Irish border

The EU is expected to reject the UK’s proposal on the post-Brexit Irish border, according to Bloomberg. Both sides are reportedly discussing how Britain could stay in parts of the European single market and customs union, which would allow for an “invisible border” between Ireland and the UK. London wants the deal to apply to all of the UK; Brussels only wants it to apply to Northern Ireland.

Wells woes continue

Two US regulatory agencies, the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency, are expected to issue fines against Wells Fargo of up to $1bn on Friday, according to the Financial Times. The bank has admitted to overcharging customers and mis-selling insurance. The Federal Reserve, America’s central bank, has already prevented Wells from expanding its balance sheet, following an earlier scandal over fake bank accounts.

Australian financial chief steps down

Craig Meller, the CEO of AMP, one of Australia’s largest banks, has resigned. The BBC reported that AMP had “routinely charged fees to customers for services that were not delivered.” The bank has admitted misleading the Australian Securities and Investments Commission over the matter “for more than a decade”.

Amazon gives subscriber figures

Amazon Prime has more than 100m customers, reported Quartz. Jeff Bezos, Amazon’s CEO, revealed the number of subscribers for the first time in his annual shareholders letter. The shopping and media programme launched in Luxembourg last year.

Surprise space visitor

Nasa scientists detected a large asteroid just 21 hours before it flew close to (in space terms) Earth, reported ScienceAlert. Asteroid 2018 GE3 measures between 47m and 100m wide. “That means the asteroid was roughly 3.6 times the size of the one that cleared 2,000 square kilometres (500,000 acres) of Siberian forest in 1908,” the science news service said.

Today’s breakfast briefing was written by @aarongrunwald.

Correction: This article previously misspelled the name of the Australian bank AMP. This was updated Friday at 9:30am.